Here is the testimony of Former Fed Chief Paul Volcker. He makes some great points in a way that I could never, but here's a few highlights:
We are in an "unbalanced" economy, with too high a debt.
Our current financial markets lack "transparency," meaning they are too complicated and that "mathematicians" have taken over. Combined with a huge financial incentives for those mathematicians, this new financial system has broken down.
No time for complacency.
What is the role of the "lender of last resort"?
Monday, May 19, 2008
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